reports
- Pierre FerraguÊ
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Trung Nguyen
- Trung Nguyen
- Felix Fischer
Asia Monthly – February 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in February 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on ...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
KIJA ENN ECOLOGICAL HOLDINGS (A)
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Pierre FerraguÊ
PANW PALO ALTO NETWORKS INC.
AMAT APPLIED MATERIALS INC.
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
9984 SOFTBANK GROUP CORP.
CSCO CISCO SYSTEMS INC.
MBLY MOBILEYE NV
BESI LYFT
LYFT UBER TECHNOLOGIES INC.
UBER 10X GENOMICS INC CLASS A
TXG 1933 INDUSTRIES
TGIF BE SEMICONDUCTOR (SWISS)
BSIB 1895 BANCORP OF WISCONSIN INC
- Trung Nguyen
Rakuten Group - Earnings Flash - FY 2024 Results - Lucror Analytics
Rakuten's Q4 and FY 2024 results were solid, with robust revenue growth and strong earnings improvement. The company reached self-funding status at both the group and Mobile levels. Rakuten achieved all of its FY 2024 targets, especially those for the Mobile segment. The company has addressed all of its 2025 debt maturities, and its access to capital remains solid. We are confident that Rakuten will be able to achieve its FY 2025 targets, which appear to be conservative.
- Chris Hoare
Rakuten (Reduce, ¥400, -60%) Q4 24 Quick Take: Capex guidance lifted ...
Results were mixed again as revenue was in-line with expectations, underlying IFRS EBIT better than Q3, but the Group recorded a net loss. Sequential increase in MNO revenue showed no significant improvement and importantly the company has increased capex guidance for 2025 from “below ¥100bn” to ¥150bn. Cash flow breakeven on mobile remains longer dated than expected in our view and with MNO traction not improving as fast as hoped, we maintain our Reduce recommendation with a ¥400 price target.
- Trung Nguyen
Softbank Group - Earnings Flash - Q3 FY 2024-25 Results - Lucror Analy...
Softbank Group (SBG) released soft Q3/24-25 numbers yesterday, which did not include any significant highlights. The earnings call was more interesting, as it included details of certain SBG investments in AI. The balance sheet deteriorated slightly, but stayed healthy. Liquidity remains adequate.
- Pierre FerraguÊ
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Peter Low
- Si Yong Ng
- Trung Nguyen
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: AMS Osram, Altice International, Iliad, Novelis, Softbank Group, Kantar, TUI, Flos B&B Italia (formerly International Design Group), Rolls-Royce, Klockner Pentaplast
- Leonard Law
- Trung Nguyen
- Chris Hoare
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Chris Hoare
LY Corp (Buy, ¥585, +23%) Q3 FY24 Quick Take: Strong delivery from Co...
LY delivered another EBITDA beat, surpassing expectations by 5%. Revenue and EBITDA trends accelerated, underpinned by PayPay and improvements in Commerce’s re-use and services segment. The company is well on track to beat its EPS guidance for the year and as a result upgraded DPS guidance to ¥7 from ¥5.56.
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Felix Fischer
- Ian Wong
- Peter Low
- Si Yong Ng
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Felix Fischer
Asia Monthly – January 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in January 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on d...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
KIJA ENN ECOLOGICAL HOLDINGS (A)
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
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